1. 公司Q2 业绩超预期，人工晶体+隐形眼镜业务引领增长。24H1，“普诺明”等系列人工晶体受益集采中标开始放量以及多焦点等高端晶体逐步拓开市场，实现营收3.19 亿元（+30.2%），保持稳健高增速；“普诺瞳”角膜塑形镜受消费降级、竞品增加等影响增速放缓，但依托公司院内眼科优势，实现营收1.13 亿元（+6.89%），高于行业平均增速，同时，离焦镜作为互补品凭借高性价比加速拓展近视防控市场，同比增长超86%；隐形眼镜业务，公司并购天眼医药、福建优你康、美悦瞳快速提升产能，共计营收1.83 亿元（+956.92%）。在人工晶体稳健增长+隐形眼镜加速爬坡驱动下，24Q2 实现营收3.75 亿元，YoY+72.91%，QoQ+20.91%。Incidents:
The company released its 2024 mid-year report. 2024H1 achieved operating income of 0.686 billion yuan (YoY +68.54%), net profit of 0.208 billion yuan (YoY +27.49%), net profit of 0.199 billion yuan (YoY +29.95%); 2024Q2 achieved operating income of 0.375 billion yuan (YoY +72.91%) in a single quarter, and net profit of 0.105 billion yuan (YoY +24.01%) ), deducting non-net profit of 0.1 billion yuan (YoY +28.26%).
Comment:
1. The company's Q2 performance exceeded expectations, and the intraocular lenses+contact lens business led growth. 24H1, “Pronomin” and other series of artificial crystals benefited from winning the bid, and high-end crystals such as multi-focus crystals gradually expanded the market, achieving revenue of 0.319 billion yuan (+30.2%) and maintaining a steady and high growth rate. “Puno pupil” corneal shaping lenses slowed down due to downgrading consumption and increased competition, but relied on the company's in-house ophthalmology advantages to achieve revenue of 0.113 billion yuan (+6.89%), which is higher than the average growth rate of the industry. At the same time, defocus lenses accelerate with high cost performance as complementary products. Expand the myopia prevention and control market, with a year-on-year increase of more than 86 %; Contact lens business. The company acquired Tianyan Pharmaceutical, Fujian Youyoukang, and Meiyuetong rapidly increased production capacity, with total revenue of 0.183 billion yuan (+956.92%). Driven by steady growth in intraocular lenses and accelerated climbing of contact lenses, 24Q2 achieved revenue of 0.375 billion yuan, YoY +72.91%, and QoQ +20.91%.
2. Product structural adjustments put pressure on gross margins in the short term, and high-end crystal volume+contact lens production capacity accelerated the climb and led to an increase in profit levels. 24H1 has a gross margin of 69.68% (YOY-13.47pct), a net margin of 29.05% (YOY-9.94pct), 24Q2 gross margin of 68.09% (YOY-15.06pct, QoQ-3.52pct), and a net margin of 26.83% (YOY-11.04pct, QoQ-4.89pct). The decline in profit levels is mainly due to crystal collection and product structure adjustments. Among them, artificial crystal collection dropped by about 40%, and product prices were lowered after implementation began; contact lens orders were fully produced, and as production capacity climbed, the revenue share increased significantly, reaching 26.76%, compared to +12.4pct in 2023, but it is still in a period of capacity expansion, costs are high, and profit margins have not yet reached a steady state, affecting the overall profit level. With the full implementation of crystal procurement and the accelerated market expansion of high-end crystals, and the continuous improvement in the efficiency of contact lens production lines, and the continuous optimization of the company's operating efficiency, profit levels are expected to improve steadily after being pressured in the short term.
3. The company continues to increase research and development, and various high-end products are registered, which is expected to further strengthen the overall competitiveness of ophthalmic device platform enterprises. 24H1 has invested a total of 0.069 billion yuan (+25.43%) in R&D, continuing to advance the research pipeline and enrich the product matrix. Up to now, the intraocular lens (PR) registration process is progressing in an orderly manner and is expected to be approved as early as the end of the year. The Edof high-end crystal registration application was accepted in August, and clinical trials of products such as trifocal astigmatism crystals and contact lenses are progressing steadily.
Profit forecast: We expect the company's revenue for 2024-2026 to be 1.273, 1.721, and 2.197 billion yuan, respectively, with year-on-year growth rates of 33.83%, 35.17%, and 27.66% respectively, and net profit to mother of 0.404, 0.529, and 0.696 billion yuan, respectively. The year-on-year growth rates are 33.03%, 30.70%, and 31.61%, respectively. Corresponding to the current stock price PE is 36, 27, and 21 times, respectively, maintaining the “recommended” rating.
Risk warning: Market expansion falls short of expectations, progress of new product launches falls short of expectations, changes in industry policies, intensification of market competition, risk of price reduction in collection, risk of shareholder holdings reduction, etc.
